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South Korean Gaming Giant Planning to Buy Crypto Exchange Bithumb for $460 Million

Nexon, the South Korean multi-billion-dollar gaming conglomerate, is reportedly planning to purchase a 65% stake in troubled crypto change Bithumb in a deal value about 500 billion gained ($460 million).

● In accordance to native media studies, Nexon is to purchase all of the shares owned by Bithumb chairman Lee Jung Hoon, together with a number of others totaling up to 65% of the change’s excellent shares.

● The Tokyo Inventory Exchange-listed video gaming big has since signed a memorandum of understanding (MoU) with the sellers to facilitate the transaction. The MoU was signed initially of this month, mentioned the studies.

● Nexon already owns two different crypto exchanges – Korbit, Korea’s third-largest change, and European change Bitstamp, which it acquired for round $80 million and $400 million, respectively, three years in the past.

● Bithumb, Korea’s largest bitcoin change, has been rocked by problems with fraud involving high firm employees. Authorities within the Asian nation are at the moment investigating the platform for monetary fraud involving $25 million.

● Lee Jung Hoon, the chairman, is accused of pocketing tens of millions of by promoting Bithumb’s tokens to shoppers with out itemizing them. On account of the fraud case, the change was put up for sale final yr.

● Based in 1994, Nexon is a significant participant within the international gaming trade. A few of its hottest gaming titles embody Dungeon & Fighter, Kart Rider, and Nexus: The Kingdom of the Winds.

● Shares of Nexon have been down zero.16% to three,180 Japanese yen ($30.eight) in Tokyo buying and selling on Thursday. The corporate boasts a market capitalization of two.82 trillion yen ($27.three billion).

What do you consider Nexon buying a stake in Bithumb? Tell us within the feedback part under.

Picture Credit: Shutterstock, Pixabay, Wiki Commons

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